CBL & Associates begins work on Coastal Way center Chattanooga, Tenn.-based CBL & Associates Properties Inc. has started construction on Coastal Way Shopping Center, a 233,000 sq. ft., community center in Tampa, Fla. The cost of the project was undisclosed.
A 58,000 sq. ft. Belk and an 86,000 sq. ft. Sears are two of four anchors planned for the center, along with 34,000 sq. ft. of specialty shop GLA. The grand opening of the center is scheduled for August 2000.
AMB Property Corp. sells 12 centers for $246 million San Francisco-based AMB Property Corp. has sold 12 shopping centers encompassing more than 2 million sq. ft. for approximately $246 million. BBP Retail LLC, a joint venture between San Diego-based Burnham Pacific and thePublic Employees' Retirement System, was the buyer. The centers sold are located in Denver, Chicago, Santa Barbara, Calif., Houston, Minneapolis, and Reno, Nev.
Mills Corp. starts construction on Baltimore's Arundel Mills The Mills Corp., Arlington, Va., has begun construction on Arundel Mills, a 1.4 million sq. ft., $250 million retail and entertainment center in Baltimore. Mills' equity partner for the center is Munich, Germany-based Kan Am. Arundel Mills is scheduled to open in Fall 2000.
More than 200 retailers, including dining and entertainment vendors, are planned for the center.
Scottsdale center brings Marcus & Millichap $53 million Palo Alto, Calif.-based Marcus & Millichap Real Estate InvestmentCo. recently closed the $53 million sale of Scottsdale Fiesta, a 493,000 sq. ft. power center. The seller was Atlanta-based Lend Lease Real Estate Investments Inc., adviser to Florida pension fund Shea 90 Corp. The buyer was Beverly Hills, Calif.-based C.N.A. Enterprises, a private partnership.